CONFERENCE by jlhd32

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									                                                                                                                         C 2008/3
July 2008
                                                                                                                                         E



                                           CONFERENCE
                                        Thirty-fifth (Special) Session

                                      Rome, 18 – 22 November 2008

      REPLENISHMENT OF THE SPECIAL RESERVE ACCOUNT



                                                Executive Summary
1.       At its 2007 meeting, Conference considered replenishment of the Special Reserve
Account in the amount of USD 6.4 million, following recommendation from the Finance
Committee and the Council. Conference decided to defer this replenishment and revisit the matter
at its 2008 Session.
2.      In May 2008, the Finance Committee noted that the Special Reserve Account had a
balance of USD 25.6 million as at 31 December 2007 and recommended that proposals for
replenishment of reserves be developed in the context of the Programme of Work and Budget for
the 2010-11 biennium and future biennia.
3.     Members may therefore wish to note that proposals for replenishment of the Special
Reserve Account will be submitted to the 2009 Conference through the Programme of Work and
Budget 2010-11.




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2                                                                                        C 2008/3




1.      The Finance and Programme Committees, at their Joint Meeting in September 2006,
recommended that partial funding of the General Service salary increase of 2006-07 be charged to
the Special Reserve Account.1 Council, at its 131st Session in November 2006, supported this
recommendation.2
2.      The Finance Committee, noting at its 115th Session in September 2006 that the Special
Reserve Account had a zero balance, recommended that commensurate funding be secured for the
Special Reserve Account by a replenishment in the amount of USD 6.4 million through Member
Nations’ assessments at the time of the formulation of the Programme of Work and Budget for the
2008-09 biennium.3
3.      At its November 2007 meeting, Conference discussed the replenishment of the Special
Reserve Account in the context of its deliberations of the Programme of Work and Budget
proposals for the 2008-09 biennium. It decided to postpone the matter of replenishment of the
Special Reserve Account and to review the issue at its meeting in November 2008:4
 “THE CONFERENCE...Decides to defer the replenishment of the Special Reserve Account, in the
amount of US$ 6.4 million, and to revisit this matter at the 2008 Conference.”


4.      The Finance Committee, at its 122nd Session in May 2008, noting that the Special
Reserve Account had a balance of USD 25.6 million as at 31 December 2007, expressed the view
that proposals for replenishment of reserves be developed within the 2010-11 Programme of
Work and Budget (PWB) submission, as well as future biennial PWBs:5
 “...many Members reiterated the need for proposals to replenish the reserves to levels consistent
with the existing operating requirements of the Organization. The Committee resolved to inform
the Council of the current severe financial situation of the Organization, and to develop proposals
to begin replenishing reserves in the context of the PWB 2010-11 and future PWBs.”
5.      Members may therefore wish to note that proposals for replenishment of the Special
Reserve Account will be submitted to the 2009 Conference through the Programme of Work and
Budget 2010-11. In connection with development of proposals for the Organization’s reserves, the
Secretariat will also examine the function, purpose and accounting treatment of reserves in the
context of IPSAS requirements. Relevant Financial Regulations and Conference resolutions will
be reviewed, and any proposals for revision submitted to the Finance Committee.




1
    ref. CL 131/14, para. 18
2
    ref. CL 131/REP, para. 37
3
    ref. CL 131/7, para. 43
4
    Resolution 4/2007, ref. C 2007/REP, para. 103
5
    ref. CL 135/7, para. 23

								
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